### **Overview** Rama Steel Tubes Limited (RSTL) is a leading Indian manufacturer of steel tubes, pipes, and structural engineering products, established in **1974** by **Shri Harbans Lal Bansal**. The company is currently led by second- and third-generation family leadership – **Mr. Naresh Kumar Bansal** and **Mr. Richi Bansal**, respectively – reflecting over **50 years** of operational legacy and industry expertise. RSTL operates as a diversified, vertically integrated enterprise in the steel manufacturing sector, serving infrastructure, telecom, power, agriculture, renewable energy, defense, and real estate industries domestically and internationally. Marketed under the globally recognized **‘TTT Rama’** brand, RSTL has built a reputation for **high-quality, durable, and customized steel products** compliant with multiple Indian standards (IS: 1239, IS: 1161, IS: 3589, etc.). --- ### **Core Business & Product Portfolio** RSTL specializes in manufacturing a wide range of products including: - **Galvanized Iron (GI) Pipes** (15mm to 800mm NB in light, medium, and heavy grades) - **Mild Steel (MS) ERW Black & Galvanized Pipes** (15mm to 200mm diameter) - **Steel Tubular Poles (STP)** and **Structural Steel Solutions** - **Square & Rectangular Hollow Sections** used in furniture, automotive chassis, railings, cranes - **Scaffolding Pipes**, **Pre-grooved Pipes**, and **Swaged Poles** - **Cold-Rolled Coils (CR Coils)** and **Galvanized Sheets** These products are used in: - Infrastructure (road, bridges, buildings) - Water and gas pipelines - Rural electrification and power transmission - Telecom (towers, poles) - Solar energy structures - Defense and automotive applications RSTL has over **1,400 SKUs**, with plans to expand to **2,500 SKUs by FY26**, focusing on value-added and niche product development. --- ### **Manufacturing & Capacity** RSTL operates **four advanced manufacturing facilities** strategically located across India: - **Sahibabad, Uttar Pradesh** – 60,000 MT - **Khopoli, Maharashtra** – 162,000 MT - **Anantapur, Andhra Pradesh** – 72,000 MT (via Lepakshi Tubes) - **Lepakshi, Andhra Pradesh** – part of Anantapur complex **Total Installed Capacity:** 294,000 MTPA **FY25 Capacity Utilization:** 58% (up from 50% in FY24), with production volume at **170,745 MT**. The company employs **advanced Japanese technology**, including high-speed tube mills from **Kusakabe**, ensuring superior quality and operational efficiency. RSTL is expanding its capacity to **394,000 MTPA by FY25** and aims for **500,000 MTPA by FY26**, supported by: - Ongoing expansion at Khopoli (~30,000 MT) - New plant in **Raipur, Chhattisgarh** (50,000 MT capacity for eastern India) - Modernization of Sahibabad plant to improve yield and de-bottleneck operations - Backward integration via cold-rolling and galvanizing units --- ### **Strategic Diversification & New Initiatives (FY25)** RSTL has proactively diversified to reduce reliance on commodity steel markets and tap into high-growth sectors: #### **Renewable Energy** - Acquired a **10% stake in a 225 MW solar power project** under India’s **PM-KUSUM scheme** via a SPV, **Onix IPP Limited**, with 25-year PPAs with **MSEDCL** at ₹3.10/unit. - Generates **₹108.11 million/year gross revenue** for RSTL. - **Rama Green Energy** collaboration to supply **steel structures and single-axis solar trackers**. - Developing **dual-axis solar tracking systems** and customized **tracker tubes** for solar farms. - Plans to set up additional solar plants at Khopoli (1 MW), Anantapur, and Sahibabad to reduce power costs. #### **Defense Sector** - Established **Rama Defence Private Limited** (Aug 2024), a 100% subsidiary, to enter the high-potential defense infrastructure space. #### **Joint Ventures & Acquisitions** - **40% stake in ORAM Green Energy Limited** (green energy solutions) - **24.81% stake in Bigwin Buildsys Coated Private Limited** (solar structures) - **51% stake in Ashoka Infra Steel** – enhances distribution reach, especially in **Western India** - **100% stake in Lepakshi Tubes** – now fully integrated, producing larger-diameter tubes up to **800mm** --- ### **International Expansion & Global Footprint** RSTL maintains a **geographically diversified footprint**, reducing logistics costs and improving market proximity: - **Subsidiaries:** - **RST International Trading FZE** (UAE) – wholly owned - **RST Industries Limited** (Nigeria) – step-down subsidiary - **Exports to over 16+ countries**, including **UK, US, Germany, UAE, South Africa, and multiple African and Middle Eastern nations** - **Exports contribute 10–20% of total revenue**, with higher margins compared to domestic sales - A **first overseas manufacturing facility** planned in **Nigeria** (20,000 MT capacity) to serve West Africa - Already secured a **15,000 MT/year supply agreement** with **Huihai Group (Hong Kong)** The company is recognized as an **‘Export House’** by the Government of India (FY24), highlighting sustained export excellence. --- ### **Distribution & Market Reach** - **Domestic Network:** Over **350 authorized dealers/distributors** across **18+ states and UTs**, covering over **300 cities** - Strong presence in government supply chains for infrastructure and utility sectors (e.g., UPPCL, MSEDCL, Jal Shakti) - Strategic partnership with **JSW Steel**: - Long-term supply of **Hot Rolled Coils (HRC)** - RSTL to distribute HRC across **Western India** - Co-branded **JSW Kalinga** pre-galvanized pipes --- ### **Key Clients & Project Execution** RSTL serves a **prestigious and diverse client base**, including: - **SAIL, GAIL, Reliance Industries, L&T, Tata, Adani, HPCL, NTPC** - **Airtel, BSNL, BSES, Gujarat Gas Limited** - **State Power Utilities** in UP, Uttarakhand, and Maharashtra #### **Project Solutions** - Offers **end-to-end project lifecycle management**, from design to delivery. - Has executed **infrastructure projects worth over ₹500 crores** in the last 8 years. - Notable projects: - Electrical poles for **UPPCL** - Earthing systems for **BSES** - Gas pipelines for **Gujarat Gas** - Electrification structures for **Kumbh Mela** - Street lighting and telecom towers This **project-based model** improves **profit margins** and enhances **customer stickiness**. --- ### **Financial & Strategic Highlights (as of Nov 2025)** - **Balance Sheet Strengthening:** - Reduced **debt burden by over 39%** in the past year - Exited two **non-core, loss-making businesses** - **Revenue & Margin Strategy:** - Focused shift to **high-margin, value-added products** (GI pipes, solar trackers, specialty poles) - Targeting **9–10% EBITDA margin** in government and niche infrastructure contracts - Increasing **SKUs/month** (10+ per month) to improve mix and margins - **Capacity Expansion:** Targeting **500,000 MTPA by FY26–27** - **Sustainability Focus:** Integration of solar projects into business operations and revenue model --- ### **Management & Governance** - **Promoter-Led:** Continuity of leadership across three generations - **Independent Directors:** - **Mr. Bharat Bhushan Sahney** – 28 years at Delhi Stock Exchange - **Mr. Jai Prakash Gupta** – 33 years in steel pipe sector (ex-Jindal Pipes) - **CEO Mr. Rajeev Kohli** leading strategic reset in operations, sales, and global expansion - Investment in **technology, R&D, and talent** to support long-term growth --- ### **Competitive Advantages** 1. **50+ Years of Experience** – strong brand equity and industry relationships 2. **Geographic & Product Diversification** – reduces cyclicality risks 3. **End-to-End Project Capabilities** – higher margins, differentiated positioning 4. **Backward Integration & Cost Efficiency** – in-house CR/CRG sheets reduce input cost volatility 5. **Early Mover in Solar & Defense** – capturing high-growth adjacent markets 6. **Export House Status** – validates international competitiveness --- ### **Risks & Mitigation** - **Commodity Price Volatility:** Mitigated via **price variation clauses**, **backward integration**, and **value-added products** - **Global Oversupply/Cheap Imports:** Addressed by **product differentiation**, **cost optimization**, and **niche segment focus** - **Economic Cycles:** Balanced across sectors – infrastructure, agriculture, renewables – ensuring resilience